Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Oil Prices Gain on Crude Inventories Data

Published 08/21/2019, 12:42 AM
Updated 08/21/2019, 12:43 AM
© Reuters.

Investing.com - Oil prices gained on Wednesday after the American Petroleum Institute (API) reported that U.S. crude inventories fell for the first time in three weeks.

U.S. Crude Oil WTI Futures gained 0.3% to $56.32 by 12:30 AM ET (04:30 GMT). International Brent Oil Futures rose 0.5% to $60.31.

The API, which often serves as an early indication of weekly petroleum levels, reported a 3.5 million-barrel drawdown last week. Analysts expected a decrease of 1.9 million barrels.

The Energy Information Administration (EIA) will release its weekly petroleum report later in the day. The EIA is expected to report crude stockpiles fell by 1.889 million barrels last week. The report has confounded economists’ estimates lately, showing a build for two consecutive weeks against expectations for a decline.

Meanwhile, traders will pay close attention to the release of the U.S. Federal Reserve’s July meeting minutes and Fed Chairman Jerome Powell’s speech this week.

Tensions in the Middle East remained in focus as U.S. Secretary of State Mike Pompeo said the country would take every action possible to stop an Iranian tanker sailing in the Mediterranean from delivering oil to Syria in contravention of U.S. sanctions.

Pompeo also commented on the Sino-U.S. trade dispute, saying that he believes the trade war would end by 2020, while U.S. President Donald Trump said he will “take China on” even if it causes short-term impact on the U.S. economy.

Latest comments

Oil stocks right now are still a bear trap so these numbers are usually just used for a sell off or ignored.
3.5 million-barrel drawdown?  which correct? this article or investing.com economic calendar?
So why does the investing.com api page show a build?. . . https://www.investing.com/economic-calendar/api-weekly-crude-stock-656
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.